House Republicans Rig Hearing to Block Consumers from Going to Court

by Pam Martens and Russ Martens
Wall Street on Parade

The ink was barely dry on a proposal by the Consumer Financial Protection Bureau (CFPB) to restore the rights of banking customers to take their grievances into a court of law instead of a system of forced arbitration, when House Republicans threw together a hearing yesterday to scaremonger over make-believe evils of the proposal. The hearing was convened by the Republican-controlled Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee and not-so-subtly titled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public Interest and for the Protection of Consumers?”

The American Law Litigation Daily called the hearing “seriously lopsided.” ValueWalk called it “skewed.” We’re calling it brazenly rigged.

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